AkzoNobel: expects 'positives' this year, shares rise
(CercleFinance.com) - Dutch chemical group AkzoNobel posted lower results for the second quarter on Wednesday, but said it expected "positive developments" for the remainder of 2018.
The company, whose brands include Dulux, Sikkens and Interpon, posted a 23 per cent drop in second-quarter adjusted operating income, at 225 million euros, mainly due to adverse foreign currencies.
Sales for the quarter were down 3 per cent to 2.53 billion euros.
For the remainder of 2018, Akzo expects positive developments for its decorative paints and performance coatings, excluding marine and protective coatings where market conditions are still challenging.
While raw material inflation is projected to continue, pricing initiatives and cost-saving programs are to mitigate the current challenges, it added.
At 10:00 AM, its shares were up 2.5 per cent at 76.7 euros. They have risen by almost 5% since the beginning of the year.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The company, whose brands include Dulux, Sikkens and Interpon, posted a 23 per cent drop in second-quarter adjusted operating income, at 225 million euros, mainly due to adverse foreign currencies.
Sales for the quarter were down 3 per cent to 2.53 billion euros.
For the remainder of 2018, Akzo expects positive developments for its decorative paints and performance coatings, excluding marine and protective coatings where market conditions are still challenging.
While raw material inflation is projected to continue, pricing initiatives and cost-saving programs are to mitigate the current challenges, it added.
At 10:00 AM, its shares were up 2.5 per cent at 76.7 euros. They have risen by almost 5% since the beginning of the year.
Copyright (c) 2018 CercleFinance.com. All rights reserved.